July AARP Fraud Alerts: Consumer Fraud and Homebuyers
Consumer Fraud Fight Goes to the White House
Last year the Federal Trade Commission recorded $10 Billion in reported fraud from U.S. consumers. Because fraud is underreported, we know that actual losses are much higher.
While education empowers older Americans to protect themselves, more is needed to eliminate this largescale problem. That’s why AARP advocates for bipartisan laws and regulations to strengthen consumer protections against scams on everything from illegal robocalls, to gift card regulations to cryptocurreny scams and more. This work is done in state legislatures across the country, in Congress and even at the White House.
Earlier this year AARP joined White House officials and industry leaders in a meeting aimed at helping the federal government fight back against the use of artificial intelligence– enabled voice cloning to commit fraud. A virtual White House conference followed in June, with AARP again at the table. With fraud already at an epidemic level, the addition of AI powered scams is alarming, which is why AARP is focused on advocating for a strong legislative response to this threat.
Already this year the Federal Communications Commission has moved to make it illegal to use AI voice cloning in robocalls targeting consumers. As a result, a scammer who cloned President Biden’s voice to deceive voters in New Hampshire was recently fined $6 million.
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Homebuyers and Owners Beware
With today’s tight real estate market there is often pressure to act quickly when you find that perfect place. Scammers know this and are waiting to pounce. Here are three things to be aware of when shopping for a home.
Wire fraud can happen when a criminal impersonates a real estate or title company and asks you to send the closing costs to them. Before wiring any funds contact your real estate company and confirm the account information, routing instructions and total amount needed.
Criminals are also in the market to take advantage of those at risk of foreclosure. Beware of anyone promising to make your mortgage payment issues go away -- especially if they ask for an upfront fee.
Lastly, if you are looking to rent a home, make sure and visit in person before paying a deposit. Rental scams happen often with criminals creating legitimate looking websites offering great deals on homes that aren’t really up for rent.
Be a fraud fighter! If you can spot a scam, you can stop a scam. The AARP Fraud Watch Network is a free resource for all. Learn how to proactively spot scams or get guidance